One of the largest financial institutions in the world, Goldman Sachs, announced that one of their COO has resigned this week. The latter, Harvey Schwartz, has announced his resignation and is looking to put David Solomon as sole COO for the company.
Schwartz Goldman Legacy
Looking at Schwartz, 53, is looking to have his retirement effective this coming April 20. Looking at his legacy, he became one of the co-head of the bank’s trading division when he first started and before being promoted to the Chief Financial Officer last 2013.
Furthermore, Schwartz’s announcement for the Goldman’s outlook last year gave a decent market reaction. He announced that the bank is looking to grow its revenue by a whopping $5 billion a year after being hit by transparency about for its strategy-type criticisms.
Solomon Goldman Legacy
Solomon and Schwartz have a long line of rivalry record since the two of them got elected as co-COO last December of 2016. The decision was made to solidify both of the company’s powerhouses and pin them against each other.
On the other hand, Solomon has also great back records as he started to become one of the bank’s co-head of the investment banking in 2006. He then moved to the ranks as one of the best and proceeded to take the position of co-COO last 2016.
He also made the announcement along with Schwartz regarding $5 billion revenue growth per year. They introduced the plan with a vision of boosting its lending programs and by opening new locations in Seattle and Atlanta.
Furthermore, Solomon is also affiliated with the Robin Hood Foundation, which is a non-profit organization that helps fight poverty in New York City. He also holds a position in the Hamilton College board of trustees; his alma mater, where he graduated in 1984.
Goldman CEO Speculations
The retirement news will put Solomon the sole and only president and Chief Operating Officer of the financial institution are looking to take head the line for the potential CEO choices.
Numerous reports and rumors are also revolving that the current CEO Lloyd Blankfein is looking to retire just before the ends. Solomon is also looking to have the clear spot as the new CEO, but the bank refused to comment on that matter.
Reports also revealed that the bank’s transition to the new possible CEO is going to be immediate and hassle-free. Rumors revealed that Goldman isn’t looking to pick beyond its two co-presidents.
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